Self-employed tax filing depends heavily on record quality. A clean summary of income, expenses, and GST/HST status makes it easier to prepare your return and answer CRA questions later.
Income Records
Gather records for all business income, including:
- invoices issued
- payment processor reports
- bank deposits
- cash or cheque receipts
- platform or marketplace income summaries
- grants or other business income, if applicable
Report all business income, even when no slip was issued.
Expense Records
Organize expenses by category and keep proof of payment. Common categories may include:
- supplies and materials
- advertising and website costs
- professional fees
- phone and internet business use
- vehicle expenses, where properly tracked
- home office expenses, where eligible
- bank fees, software, and subscriptions
- subcontractor or contractor payments
Keep receipts, invoices, bank statements, mileage logs, and notes that explain business purpose where needed.
GST/HST Review
CRA rules require many businesses to register for GST/HST after exceeding the small supplier threshold. A common trigger is exceeding $30,000 in taxable supplies over a single calendar quarter or over the previous four consecutive calendar quarters.
GST/HST timing can be fact-specific. Review sales totals before year-end and before a busy season, not only when filing your income tax return.
Deadlines
Self-employed individuals and their spouse or common-law partner generally have until June 15 to file a personal return. Any balance owing is still generally due by April 30.
Confirm current-year CRA deadlines before relying on a date, especially when a deadline falls on a weekend or recognized holiday.
Records To Keep
CRA generally requires required records and supporting documents to be kept for six years from the end of the last tax year they relate to. Late filing, objections, appeals, and certain business changes can affect retention timing.
Before Contacting Saihaj Tax
Prepare a short summary of what you do, how you get paid, whether you are registered for GST/HST, and whether your bookkeeping is current. Do not send tax slips, SINs, CRA credentials, banking details, or uploads through the general contact form.